President Obama Meets with Family Struggling with College Costs, Underscores Need to Eliminate Wasteful Spending in Federal Student Loan Program, Reinvest Savings in Making College More Affordable [April 27, 2009]   [open pdf - 60KB]

"Today [April 24, 2009], President Barack Obama met with a family struggling to afford the cost of college and underscored his commitment to cutting wasteful spending on federal student loans by ending taxpayer subsidies to banks. President Obama discussed the strain that rising tuition costs are placing on middle class families and his proposal to end the private Federal Family Education Loans program that lines the pockets of the banks who serve as middlemen while costing the American people $5 billion a year. 'The banks and lenders who have reaped a windfall from these subsidies have mobilized an army of lobbyists to try and keep things the way they are,' President Obama said. 'They are gearing up for a battle. And so am I. They will fight for their special interests. I will fight for America's students, and their families.' The press release includes information about President Obama's proposal."

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